K-Pop goes into Bitcoin — K Wave Media, listed on Nasdaq, will add Bitcoin to its balance sheet.

K Wave Media Inc. has entered into an agreement to raise up to $500 million through the sale of common stock, a significant portion of which is intended to create a treasury focused on Bitcoin.

K Wave Media secures a $500 million deal to fund a Bitcoin-focused treasury and growth.

The company, listed on Nasdaq (KWM), announced an agreement to purchase securities with Bitcoin Strategic Reserve KWM LLC on June 4. The funds will support its Bitcoin-focused digital asset strategy, working capital needs, as well as mergers and acquisitions to expand its Korean content and K-pop business.

K Wave stated that it will allocate a significant portion of the proceeds from the stock sale to the purchase, long-term storage, and yield optimization of Bitcoins (BTC), aiming to become one of the first publicly traded media companies to integrate BTC directly into its core treasury operations. Plans also include the operation of Lightning Network nodes and investments in Bitcoin-focused infrastructure.